Direct Loan

Microloan Program

  • Applicants may borrow up to $25,000.
  • Starting and expanding businesses in manufacturing, retail, wholesale, fishing, agriculture, marine, & green energy may apply.
  • The maximum loan term is 5 years.
  • The annual interest rate: 4.5% for agriculture, fishing, marine, and green energy loans; 5% for all other loans.
  • CDA requires all appropriate business assets, personal guaranties and personal assets necessary to collateralize the loan.
  • Business borrowers may request for assistance of the Small Business Development Center (SBDC) on the review of the loan proposal and business plan.


Application Requirements:

  • Complete Microloan Application Form
  • Business Plan with details on the use of loan proceeds (i.e. quotes, invoices, appraisals, tax assessments, etc.)
  • Business financial statements, tax returns and filings for the past 3 years
  • Interim financial statement not older than 90 days
  • Projections (at least one year) including Day One Balance Sheet for start-up businesses
  • Personal financial statements for principals with 20% or more ownership and personal tax returns for the past 2 years
  • Information obtained from above items must comply with Development Corporation Division (DCD) Rules and Regulations, as amended.



  • CDA charges borrowers a loan closing fee of .5% of the loan amount but not more than $125.00.
  • Borrowers will also incur costs for title search, title insurance, appraisal and hazard insurance.